Newbee: Is bitcoin a real currency

[JamTheBen]

Hi guys,
sorry for I am in my first contact with Bitcoin, but what I am really interested in:
Is bitcoin a REAL currency?

In germany our definition of currency (in german: https://www.juraforum.de/lexikon/waehrung) is something that is controlled by an institution - so a real currency needs something that regulates it.

Does bitcoin have an institution that controls / regulates it?
Please be kind, I am really interested in this technology.

[Kryptoschnack]

If you are from Germany feel free to contact me on Linkedin: https://www.linkedin.com/in/marian-m-768046172/

I can help you explain everything. If not that way you can find me on YouTube too. https://www.youtube.com/channel/UCQE-leBNZ5xKmI1vSha7hgA?view_as=subscriber

[mikeauerbach]

The classical definition of currency:  that is in circulation as a medium of exchange.
A currency established as money and controlled by government regulation is fiat money. A cryptocurrency is a new form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities. So Bitcoin is uncontrolled, but it is the "real currency" because it can serve as a medium of exchange.

[Upgrade00]

• A currency by definition is any commodity which has a value and is accepted as a medium of exchange, Bitcoin fits this definition as it has been used for purchases and is accepted for payments by numerous outlets. Fiat is money cause it is generally accepted to be, same thing can apply to Bitcoin
Earlier this year, it was accepted as a financial representation of value in Germany by the country’s Federal Financial Supervisory Authority or BaFin;

[They are defined] as digital representations of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily linked to a currency specified by law and that does not have the legal status of a currency or money, but is accepted as a medium of exchange by natural or legal persons and can be transmitted, stored and traded electronically.”

Imo however, regardless of the legal position of the country, Bitcoin has the qualities of being immutable, tamper-proof, trustless and irreversible, which makes it a suitable medium of exchange.

• A real currency does not have to be regulated, a legal tender needs to be. Bitcoin is not a legal tender. Its decentralization is part of the appeal that attracts people to the technology.

• Bitcoin does not have any institution which regulates it.

[andymaccallan]

It's an equivalent of a real currency, many use it in trading (for me, the best one is https://www.ratingfx.com/instaforex paltform). If you take a chance on it, a big luck may occur.

[BlackHatCoiner]

Not all people consider it as a currency. There are people that use it, clearly, for investment and others for store of value.

For example, I belong to the third category. I don't use it as a currency, because there are really few -legal- places that accept it as a payment method (in addition with the dollar) and neither investment because I'm not a trader. To be honest, in rich countries like Germany, it wouldn't be very helpful. At least not like Venezuela.

Satoshi created it as a currency, but when you see that its price is wildly fluctuating, you just keep it.

[YOSHIE]

Hi guys,
sorry for I am in my first contact with Bitcoin, but what I am really interested in:
Is bitcoin a REAL currency?

in your opinion, how...! whether Bitcoin is real, the answer is in yourself, after you invest and use Bitcoin.

I have a little information about Bitcoin for you, you try to read below.

Topic: Common Q&A about bitcoin: non-technical edition. How much do YOU know?

And if you want to use it with real money you can also read below.

Topic: NewBee - How to turn my real money into bitcoin so i can purchase things online

I hope the above information can add a little knowledge about Bitcoin, maybe there are many other things you can find about Bitcoin in this forum, good luck.

[Goltigal]

Indeed, bitcoin is a currency that can all be exchanged.

[AniviaBtc]

Not all people consider it as a currency. There are people that use it, clearly, for investment and others for store of value.

It is true, we have different standards for us to consider something a real currency.

But for me, bitcoin is a real currency. Although it is still under development and it needs a lot of time to become a certified and guaranteed currency in the world, those who already engaged to it will surely benefit its existence in the market in the near future. Bitcoin is volatile, and most of the people is making it as a reason why bitcoin can't be a real currency.

[Latviand]

Although bitcoin is not tangible like the actual coin, it still does exist in the market and it is real that most of the people are benefiting this coin and can change someone's lives.

It is not real in terms of its physical form, but digitally, it is.

Bitcoin can be a source of profit, then you can turn it in to fiat so that you can benefit it in the public. It is not yet in the mainstream because of a slow adoption in the community, and that's one of the reason, they are saying that bitcoin is not a real currency because we can't see and touch it with our senses.

[Akiko]

Yes it's a real currency with a real value that you can convert to real fiat money.

No one control bitcoin the price depend on demand and supply we have in the market. Regulate yes some countries already regulating the use of bitcoin base on their law but not all .

[fiulpro]

Hi guys,
sorry for I am in my first contact with Bitcoin, but what I am really interested in:
Is bitcoin a REAL currency?

In germany our definition of currency (in german: https://www.juraforum.de/lexikon/waehrung) is something that is controlled by an institution - so a real currency needs something that regulates it.

Does bitcoin have an institution that controls / regulates it?
Please be kind, I am really interested in this technology.

I do believe that the definition itself is very biased. This definition completely ignores the concept of cryptocurrencies like Bitcoins.

I do believe that these things needs constant update over the years since we cannot always live in the early 2000's , since 2009 the government have tried to neglect bitcoins and label them *scams* and such but now it should actually be taken into consideration not only by the government but also the people.

- I do think you should leave such definitions and learn from your own experience , try using bitcoins and see for yourself.

_*_

It's just a currency which shows that - institutions are not always important when it comes to things like this. Therefore I do believe that it is a currency with real value no doubt. !!

[ILuckyGuyI]

Is bitcoin a REAL currency?

Yes, Bitcoin is a real currency. Because there is no need for any regulation for a currency to be accepted as real. The most important thing is whether the currency can be used as a medium of exchange or not.

[Believemee]

When you hear the word currency it’s means a transferable medium,  currency accelerate rapidly just like the Electric current. Bitcoin is also a currency that moves from one wallet to the other and with a strong purchasing power like other physical notes. It is a currency because it’s allows transactions and the evidence are seen with the physical eyes.

[TheUltraElite]

Is bitcoin a REAL currency?

As real as any green dollar. Physical existence might be directly shown by anything but it exists and belongs to you of certain denomination as long you control ther private keys to spend those coins.

In germany our definition of currency (in german: https://www.juraforum.de/lexikon/waehrung) is something that is controlled by an institution - so a real currency needs something that regulates it.

We have a whole German forum which is very active. You might get a better argument there to refute the same.

Does bitcoin have an institution that controls / regulates it?

No. Bitcoin is used by anyone possessing it but it is not controlled by a central organization. The point behind this is that decentralization prevents censorship of the asset and thus manipulation of the same. There is a fixed amount of bitcoin which will be minted in total and nobody can change that to keep the deflationary nature intact.

[Assface16678]

A currency is a money that releases by the government and this must be legal and also some of them are included into the world of fiat currency and I think the bitcoin is part of the digital currency which is also a cryptocurrency

Bitcoin is a decentralized coin that is too much volatile, unlike the other coin.

Right now some of the use of the bitcoin is already adopting which is a good thing still it's in the different platforms.

[joniboini]

In germany our definition of currency (in german: https://www.juraforum.de/lexikon/waehrung) is something that is controlled by an institution - so a real currency needs something that regulates it.

I think that suits fiat currency and any form of its relatives. You can always argue that there exist another form of currency like Bitcoin or gold when it is used as a currency by pointing the philosophical aspects of what a currency is.

In the end, definition is just that, definition. It might be created by experts but there is always a motive behind it. You can disagree with them and draw your own conclusion.

[Xembin]

I think bitcoin is a real currency.
Bitcoin is a cryptocurrency, a form of electronic money. It's a decentralized digital currency without is indenpendent of banks and can be sent from user to user on the peer-to - peer without the need for intermediaries.
Bitcoin is a decentralized, is not control by the government.You can use it to invest the way we make use of other money to invest and, make profit and the end of it.

[XCANA]

Whatsoever that can be exchange for money should be consider as a currency: not be a legal tender doesn't make it not a currency. In term of regulations, Bitcoin doesn't need any form of regulatory body because of it decentralization. This feature of Bitcoin decentralization got the attention of those who are currently in love with the internet money.

[Reatim]

Is bitcoin a REAL currency?

Yes, Bitcoin is a real currency. Because there is no need for any regulation for a currency to be accepted as real. The most important thing is whether the currency can be used as a medium of exchange or not.

And it is a Online currency in which had been tested that legit,though there are many countries that claiming this is not the way we think it is.
but as long as we can spend our crypto assets in many ways(upon availability in our location)

@OP while asking and learning about Bitcoin ,why not invest a little amount and you can judge why we are in this market and why we are supporting Bitcoin and crypto currencies.